America's first bond saleswoman

At a time in our country's history when women rarely worked outside the home—before women had the right to vote, even—Merrill Lynch made history in the beginning years of the women's liberation movement by hiring America's first bond saleswoman.

LIBBY O’CONNELL: In the 1970s, for every three dollars that a woman earned a man earned five dollars for the exact same job. Think about it, less than one hundred years ago, women weren’t full citizens. They didn’t have the right to vote until 1920.

JULIAN ZELIZER: With the right to vote women gained new expectations about what their rights were.

LIBBY O’CONNELL: One of the first businesses that reached out to women was finance.

JULIAN ZELIZER: The Bank of Italy starts a women’s department in Los Angeles.

LIBBY O’CONNELL: They recognized that when you don’t allow women to bank you are ignoring a big part of the population.

JULIAN ZELIZER: Grace Stoermer is put in charge. She had been very involved in the suffrage movement.

LIBBY O’CONNELL: Later, in the sixties and early seventies it was hard for women to get credit cards, for them to get a loan in their own name. They have lots of battles they are going to have to fight for full equality.

ANNOUNCER: In the 1920’s, the Bank of Italy helped women achieve a new level of economic empowerment by offering them access to banking services. Today, this commitment to economic empowerment for all Americans continues as Bank of America helps low and moderate income families across the country get the financial skills and education they need.

ANNE WILSON: With the United Way’s One Stop Financial Fitness Centers, we are actively collaborating with a family. Meeting them where they are to help them repair their credit, build assets, improve their income and ultimately move up the economic ladder.

JOSEPHINE ROBINSON: Bank of America has provided the leadership, the funding and the knowledge to help grow this concept.

ANNE WILSON: Family by family we change neighborhoods and we change communities. The impact is multi-generational and long term, and it’s very exciting.

ANNOUNCER: Today, Bank of America’s commitment to the United Way’s One Stop Centers is helping provide financial stability and economic opportunity to those in need. Bank of America, fueling progress and opportunity throughout our history. Bank of America: Fueling progress and opportunity throughout our history.

In 1870, Victoria Woodhull opened the first woman-owned brokerage firm. In 1872, Woodhull was arrested because she ran for president of the United States at a time when women could not legally vote. That same year, Susan B. Anthony was arrested for voting in the presidential election. These events sparked the beginning of a movement leading women across the country to stand up and fight for their right to vote and own property.

When Susan B. Anthony died in 1906, women still did not have the right to vote. A protest staged at the White House 11 years later, in 1917, resulted in 16 arrests. Protests continued, and the women's liberation movement gained momentum.

Annie Grimes grew up during the early decades of the women's liberation movement, watching the generation ahead of her fight for women’s rights. Empowered with ambition, Grimes pursued a degree in business and economics at the University of Chicago. In 1914, she graduated and moved to Manhattan, where she found no prospects in the world of finance. Grimes eventually took a job as a publicist, a job she did for several years while searching for an opportunity that would utilize her qualifications and aspirations in finance.

By 1918, any Wall Street jobs for women were administrative roles.

In 1919, Annie Grimes interviewed for a job with Charlie Merrill, who had only recently formed his firm, Merrill Lynch. Annie impressed Charlie so much that he hired her on the spot. He didn't hire her for a minor role in the firm, either—he hired her as a true woman of Wall Street, America's first bond saleswoman.

Grimes went to work alongside other prominent members of the firm, rising stars like Win Smith and Herbert “Pop” Melcher. She was treated as an equal among the men and was told by the sales manager to “hang up your hat and get to work.” Grimes proved successful in her role, using her experience and savvy to sell new bond issues.

The year after Annie was hired, the 19th Amendment to the U.S. Constitution was ratified, granting women in America the right to vote.

After 13 years selling bonds, Grimes was up for a new challenge. In 1932, Charlie Merrill asked her to help launch his idea of a grocery store based magazine for women shoppers of Safeway Stores, which Charlie helped advise during this period. Safeway was one of the largest grocery chains in California, and eventually became one of the largest in the United States.

Through Grimes’ efforts, that same year, Family Circle magazine was born. The magazine was a success and eventually reached a circulation of more than four million subscriptions per year. Grimes remained at Family Circle, leading the advertising sales unit, until 1955. That year, she phoned Charlie Merrill to announce her retirement. When Charlie heard the news, he responded, “Don’t be silly. You won’t be happy sitting around the house, Annie. Come on back home.”

And so Grimes returned to Merrill Lynch to fill a role created just for her, as goodwill ambassador, spreading the good name of Merrill Lynch around the Stamford, CT, area, where she lived, promoting the firm to civic and women’s groups, organizing investment seminars and calling on potential clients. Annie’s impact was wide and deep, helping to forge a broader career path for women on Wall Street. Just as important, she was a beloved and respected figure at Merrill Lynch and her career is a testament to the heritage of our company.

Visit one of our Heritage Centers for an up close look at this and other stories from our bank’s history. Learn more

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